Stockholm-based mobile e-commerce startup UpUp, which allows companies to send small mobile estimates to customers' or colleagues' phones, has raised €4.3 million. The investment came from Almi Invest and Gorilla Capital.
- Founded in 2010 by Ann-Charlotte Baudin and Peter Axelsson, UpUp is a company that offers small gifts and personal greetings on mobile devices. The service aims to make people and companies happier by providing instant access to statistics and allowing for control over recipients' usage.
- The startup partnered with various companies, including Pressbyrån, Shell, TV4, Karamellkungen, Coop, and hotels in Sweden, offering a variety of products including candy, movies, ice cream, car washes, and more.
Details of the deal
- The fresh capital came from Almi Invest, a Stockholm-based venture capital firm with 660 portfolio startups to date. Another investor is Gorilla Capital, a Helsinki-based venture capital firm that invests in startups leveraging technology to solve tangible business issues.
“Good business relationships, whether between a company and its customers or its employees, are built on showing genuine care and going the extra mile. This is where microgifting makes a difference. While microgifting itself is not new, combining it with a caring mindset and modern technology is. This is why we at Gorilla Capital are excited to support UpUp on their journey to set a new standard in microgifting,” Venture Partner at Gorilla Capital, Petter Hattenbach, stated.
- The funding round will support UpUp's technology development and refinement, with a focus on the European market.
"Our vision extends beyond Sweden as we prepare for a dynamic European expansion, committed to fostering more meaningful business relationships across the continent," co-founder and CEO at UpUp, Peter Axelsson, commented.
